China strikes $60B of U.S. goods in widening trade war

CHINA RESPONDED to the most recent round of tariffs from President Donald Trump with retaliatory tariff action against $60 billion of U.S. goods. / BLOOMBERG NEWS FILE PHOTO/OILAI SHEN
CHINA RESPONDED to the most recent round of tariffs from President Donald Trump by announcing retaliatory tariff action against $60 billion of U.S. goods. / BLOOMBERG NEWS FILE PHOTO/OILAI SHEN

NEW YORK – China announced it will take retaliatory tariff action against $60 billion of U.S. goods, sharply escalating the trade war as the Trump administration considers imposing duties on virtually all Chinese imports.

China’s retaliatory tariffs, ranging from 5 percent to 10 percent on more than 5,000 items, will take effect on Sept. 24, China’s Ministry of Finance said in a statement posted on its website. Beijing is still ready to negotiate an end to the trade tensions, it said.

At almost the same time the tariff list was released in Beijing, President Donald Trump on Tuesday threatened more counter-measures against China if it targets politically potent U.S. agricultural products for retaliation.

“China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me,” Trump said on Twitter. “What China does not understand is that these people are great patriots.”

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In an announcement on Monday, Trump ordered his administration to levy 10 percent tariffs on about $200 billion in Chinese goods on Sept. 24 and to more than double the rate in January if Beijing refuses to offer trade concessions. The latest round of duties comes on top of a 25 percent tariff already imposed on about $50 billion in Chinese goods.

Trump threatened to hit back if China targets politically potent U.S. agricultural products for counter-tariffs, following an escalation in his trade war with Beijing.

“There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!” Trump said in a tweet Tuesday morning.

“China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me,” Trump said in another tweet. “What China does not understand is that these people are great patriots.”

Enda Curran, Andrew Mayeda and Jenny Leonard are reporters for Bloomberg News.